Kentik Technology, a network traffic monitoring company, announced today a $23 million Series B funding round led by Third Point Ventures in addition to existing investors August Capital, Data Collective, First Round Capital, and Engineering Capital, as well as new investors Glynn Capital and David Ulevitch.
This funding will be used to meet the demand Kentik claims to have for its network traffic and performance visibility system. The monitoring company also plans to use the funds to increase the size of its team to expand on the software as well as its customer base.
Kentik Detect provides big data-based insight into network traffic levels using software-as-a-service (SaaS). Its product is designed to ingest data at internet scale in real-time and allows users to run queries and receive visualizations on complex networks.
With networks becoming increasingly complex with exponentially high volumes of network traffic, cloud migration, and the Internet of Things (IoT), the ability to be able to monitor the levels of traffic is important. This is good news for Kentik, but also means they will have to differentiate themselves as more monitoring companies emerge.
Since it launched its SaaS-based traffic monitoring a year ago, Ketnik has gained more than 60 customers including Box, Yelp, Pandora, and Neustar.